LIC seeks buyers for Rs 3,400 crore RCap bonds Mumbai: Life Insurance Corporation of India (LIC) is seeking buyers for secured bonds worth ₹3,400 crore issued by Reliance Capital, currently undergoing insolvency proceedings, in an effort to present a clean book to an investor base that has widened since its recent IPO, said two people aware of the development.IDBI Capital Markets (IDBI Caps), the insurance company''s process advisor for the sale of the bonds, has invited expressions of interest (EoIs) from asset reconstruction companies (ARCs) by the evening of July 11. The EoIs will be followed by an auction, although IDBI Caps has not specified any details of this in the notice inviting EoIs.LIC didn''t respond to queries.Based on the last two trades between two lenders and an ARC, it is estimated that LIC will recover about 27-30% of the ₹3,400 crore bond amount, said one of the two people cited above. Axis Bank and HDFC Ltd had separately sold their Reliance Capital exposure to Assets Care and Reconstruction Enterprise (ACRE), an ARC, in the last fiscal year for 27-28 paise on the rupee, as reported by ET on December 1.92267378 Second LIC Attempt to Sell RCap Bonds HDFC sold term loans worth Rs 524 crore while Axis Bank sold Rs 100 crore of term loans and Rs 490 crore of bonds to ACRE between September and December last year.